11 Jul Investore IPO — Completion of Stride Shareholder Offer
NZX Announcement Immediate — 11/07/16
Stride Property Limited (Stride) is pleased to announce the successful completion of the Stride Shareholder Offer component of the Investore Property Limited (Investore) initial public offering (IPO). Investore had reserved $15 million1 for allocation to the Stride Shareholder Offer as part of its $185 million IPO.
The Stride Shareholder Offer was introduced to provide an opportunity for Stride shareholders who were not able to participate in the Institutional Offer or Broker Firm Offer for the Investore IPO. Investore received applications under the Stride Shareholder Offer in excess of $45 million, resulting in Investore being required to scale the applications received. In undertaking the scaling, Investore has adopted a policy to align to its original objective and determined to allocate on the following basis:
• All applications were fully allocated up to 3,000 shares
• Beyond this, a scaling rate of 21.7% was applied, subject to a maximum allocation of 10,000 shares
See below for an illustrative example of this policy.
A significant portion of the IPO was allocated to Stride shareholders through the Institutional Offer and indirectly to clients of NZX firms who participated in the Broker Firm Offer. In addition to any participation in the IPO, all Stride shareholders will receive one share in Investore for every four shares held in Stride as part of the demerger of Investore.
Allotment of shares under the IPO has occurred this morning and quotation of Investore shares on NZX will commence from 11:00am on Tuesday 12 July 2016. Allotment statements will be sent to all Investore shareholders, including Stride shareholders, on Tuesday, 12 July 2016. Refunds under the IPO for applications scaled will be distributed on Thursday 14 July.
Illustration of allocation of shares under the Stride Shareholder Offer scaling policy (based on selected application amounts)
|Application (amount in $/implied number of shares)||How many shares I will receive?|
|$4,470 (3,000 shares)||3,000|
|$7,500 (5,033 shares)||3,442|
|$15,000 (10,067 shares)||4,536|
|$55,000 (36,912 shares) (or greater)||10,000|
1 As advised, the $15 million allocated to the Stride Shareholder Offer was subject to any reduction necessary to allow Stride to subscribe for 5.6 million shares under the Offer at the Final Price in order to hold a 19.9% shareholding in Investore at the time of listing. Accordingly, the amount allocated to the Stride Shareholder Offer was reduced to $12 million.
For Further Information Please Contact:
Tim Storey, Chairman, Stride Property Limited
Mobile: 021 633 089 – Email: firstname.lastname@example.org
Peter Alexander, Chief Executive, Stride Property Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: email@example.com
Jennifer Whooley, Chief Financial Officer, Stride Property Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: firstname.lastname@example.org